Celtic Warriors face an uncertain future after the Welsh Rugby Union (WRU) took total control of the club.
The WRU, who were gifted a 50% share in the club by Warriors chief executive Leighton Samuel, have now agreed to buy the remaining 50% from him.
It is likely Warriors will close as Welsh rugby chiefs want to reduce the number of regions from five to four.
WRU chief David Moffett will now undertake a review of the club and present his findings within 10 days.
"In the past the board has taken a firm view that Welsh rugby can only support four sustainable regions," the WRU said.
"It has now asked David Moffett to conduct an immediate review of the Warriors and report back on or before 27 May."
CELTIC WARRIORS FACTS
Pontypridd and Bridgend merged to form Celtic Warriors at the start of last season
In September 2003 Pontypridd went into administration leaving Bridgend in sole control
Welsh internationals Robert Sidoli, Gareth Cooper and Ceri Sweeney play for Warriors
Warriors finished fourth in the Celtic League last season
If the club, based around Bridgend and Pontypridd, is dissolved the players will be divided up between the other regional sides.
The Warriors have been relatively successfully this season - they beat Wasps in the group stages of the Heineken Cup.
But off the field they have been dogged by the strained relations between Samuel and the WRU.
Samuel, the club's benefactor, fell out with the WRU when they tried to have more influence in the running of the club.